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Author Topic: Bitcoin can be banned or stopped by governments  (Read 1095 times)
Abiky
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February 08, 2023, 12:02:04 PM
 #181

According to data available at https://bitnodes.io/ there are 54 Bitcoin reachable nodes in China. That means despite all pressure Chinese government still not able to ban bitcoin.
Bitcoin decentralization is ensured by thousands of nodes distributed worldwide and they only way bitcoin can be controlled is to take control of all these nodes, something technically not possible. Moreover, Bitcoin network will continue to operate as long as there is one node willing to run the bitcoin blockchain.

It's amazing how Bitcoin keeps "chugging along" even with government restrictions in place. The fact that there are 54 nodes in China even when the government officially "banned" it, tells us that Bitcoin is truly unstoppable. Who can stop someone from secretly running a BTC node, anyways? I'd imagine Bitcoin having its own nodes across space (The Moon, maybe?) sometime in the future. The number of people adopting BTC as an alternative to Fiat currencies seems to be growing each day, so don't count on its disappearance anytime soon. Governments will have no choice but to join the revolution or get left behind in the dust.

Let's hope Bitcoin becomes Fiat's sucessor in the future, as people lose trust in banks. If that happens, early adopters like you and me would instantly become filthy rich. All that matters is that Bitcoin stays decentralized and censorship-resistant. As long as it remains as is, it will last a lifetime. Just my thoughts Grin

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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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February 08, 2023, 12:42:21 PM
 #182

Some governments have already done that long time ago and some of them have also gone through several phases of unbanning and banning Bitcoin. Now the status of Bitcoin is that many countries or governments rather have embraced it. They have already proven that Bitcoin wasn't really a scam or bad but it can be an asset to help them and their country to improve.

Bitcoin being a decentralized crypto could mean that there is no way for any governments to regulate it and maybe that is the reason why they just banned it directly. Right now, governments do only come up with their own crypto which is called CBDC which they can regulate easily.
In the case of the state I haven't seen a bigger opportunity being exploited by some countries as done by El Salvador, the problem the state sees is not the nature of bitcoin which is a scam. But the growth of bitcoin can threaten fiat currency, so they continue to enforce regulation as a limit that will limit it, although in general it doesn't work and doesn't affect bitcoin in any way on its way.

The purpose of making regulations is only to limit not to regulate, because of the nature of decentralization even Satoshi Nakamoto cannot control bitcoin and CBDC as a substitute which they consider comparable despite many shortcomings and completely different from bitcoin.

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